Omaha daily bee., 1887-07-16
THE SPECULATIVE MARKETS.
A Weak Undertone TO Wheat and the
Market Drags Slowly.
FLUCTUATIONS VERY MARROW
Corn Opens Strong But Weakens on
Reports OF Brilliant Prospects For
Big Crops.-Oats Rather
Quiet.
CHICAGO PRODUCE MARKET.

CHICAGO. July l5.-[Special Telegram to
the BEE Wheat dragged to-day and there
was weak undcrtone to the market Cables
were dscouraging and lower Only a light
export trade at New York to-day was re-
ported. The receipts Of new wheat at pri-
mary winter wheat markets are on the in
crease and the public Is neglecting the bull
side of the deal. Harvest returns from the
winter wheat country do not quite come up
to expectations, and previous estimates and
reports OF damage in the northwest are again
becoming radical now that the immediate
effects Of the recent rains have worn away.
The freer arrivals of Indian wheats and the
belief that the California wheat now held by
the syndicate will soon be for sale, are
doubtless the prime causes of foreign weak
ness, though advices from San Francisco
that the year wheat is quoted at sl.93 in that
market-may be accepted as proof that up to
to-day the syndicate has held its grip on its
wheat At this point the weather continues
to be oppressively hot, yet, strange to
say, there was less gossip afloat rela-
tive to the condition of grain in store
than there was yesterday. Trade In
the wheat pit was light and price changes
were by no means startling. Indeed the
range was narrow, viz: 14M3sc. August
opened at tic. sold off to 705sc, advanced to
Tic, swung between 704@7lc for an hour or
more, and closed at 7034c, loss OF sc as
compared with yesterday. September ranged
exactly the same as August keeping &c above
late at 7496c, ranged 749z@745sc and closed at
H1lc. December ranged 773saH24c and
closed at 77l4c.
A good business was transacted in the corn
pit and the tone last developed was one OF
weakness. The market opened rather firm
and shade higher on a continuation OF
drought news and scare talk about light local
stocks. The sentiment thus engineered
stimulated inquiry TO point that carried
prices up Ac, August going from BIC to s7i4c,
September from 37sIc to 3Sc. and October
from 37N(9371sc to 3ss95sAc. Later, how
ers were mitigating the drought to some ex.
comfort In the thought that even though
local stocks were light there was plenty OF
grain within easy reach tn that could could b. be
Kansas, iowa and Missouri Nilsson SEND in
reports of brilliant corn crop prospects, and
the gloomy cloud that has been hanging low
have silver lining. The market sold off sc
and closed soft at a rance of prices mere
shade above the inside figures realized.
august rested at SGHc. September at 372s@ Is1
ness was done throughout the session.
The speculative trade in oats today was
rather quiet, the business, oil told, being
uHucT Ill average NOluHle. III early uedllUR
prices were stronger and about &c higher
than yesterdays closings, but subsequently
an easier tone prevailed and the improve
ment was lost. the market closing steady.
Most of the trading was in August and Sep
tember.
In the provision pit the day. was some
what ,uneventful, Influenced by advlces
from the stock yards, where hogs were in
moderate supply and higher The opening
for lard and short ribs was strong and at ma
terially higher prices. In short ribs the first
sales recorded AN advance of i0c, and in lard
ne. Lard subsequently losta portion of the
appreciation and short ribs the whole of it,
yet during the day both articles showed de
cided strength. For August delivery short
ribs sold from s.. 80 down to $500, which was
the closing bid. The range for September
short ribs was from $40 down to $S.2794
and for October from S.. .22l5 down to SIS. l715
October rested at Ss.17l6. and September al
$3.50. August lard sold at S667 111(96. 10, and
September at Sc. 75Q6.S0, the former month
closing at the lowest price named bid, ano
September at S6671f.. October lard was tx
under September. Pork sold sparingly al
S1l.5O9ll.60 for the year and Sl2.0O for Jan
uary, with the near deliveries entirely nom
inal